Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.

  • deafboy@lemmy.world
    link
    fedilink
    English
    arrow-up
    2
    arrow-down
    1
    ·
    9 months ago

    The mining difficulty adjusts automatically so that 1 block is produced every 10 minutes on average.

    More miners join, more difficult and expensive it gets, to the point it forces the least efficient miners to be turned off, or seek cheaper electricity. If too many leave or the price of BTC raises, more people are incentivized to join.

    • assassin_aragorn@lemmy.world
      link
      fedilink
      English
      arrow-up
      1
      ·
      9 months ago

      More miners join, more difficult and expensive it gets, to the point it forces the least efficient miners to be turned off, or seek cheaper electricity.

      So wealth continues to be concentrated by the wealthy while polluting a bunch.

      • deafboy@lemmy.world
        link
        fedilink
        English
        arrow-up
        1
        ·
        9 months ago

        So wealth continues to be concentrated by the wealthy

        You know the business is legit, when the only complaint is “BuT ThE RiCh!!”